Reuters — Canada’s Aurora Cannabis said Thursday it plans a U.S. listing of its shares in October, as it looks to cash in on strong investor appetite for marijuana producers.
Interest has boomed in Canada’s marijuana companies ahead of legalization of recreational cannabis in the country next month. Several U.S. states have also legalized marijuana but it remains against federal law.
Shares of rival Tilray Inc. have surged more than 1,000 per cent since their listing in July. Other U.S.-listed Canadian marijuana companies include Canopy Growth and Cronos Group.
Marijuana producers are in demand as several companies, including Constellation Brands and Molson Coors Brewing, are looking to tap cannabis-infused drinks market.
Earlier this week, Coca-Cola said it was closely watching the fast-growing marijuana drinks market for a possible entry.
Edmonton-based Aurora’s plan for a U.S. listing was first reported by the Financial Post on Wednesday.
— Reporting for Reuters by Debroop Roy and Laharee Chatterjee in Bangalore.
